Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J
Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage ...
SC Property, Casualty, Surety, Marine Exam Questions & Answers 100% Answered!!
Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J
Acreage Reporting Date - ANSWERSThe deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E
Actual Cash Value (ACV) - ANSWERSA valuation method used by insurers to reflect an
item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) 1-J
Actual Production History - ANSWERSA history of a farmer's crop yields over a multi-
year period, which is used to determine the normal production level of a farm. 3-E
Adhesion - ANSWERSCharacteristic of an insurance contract. Means that one party (the insurer) sets the terms, and the other (the policyholder) can "take it or leave it."1-B
Adjusted Gross Revenue (Crop Insurance) - ANSWERSNarrowest (and least expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a percentage of the insured farm's average revenue. 3-
E
Adjuster - ANSWERSAn agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer. 2-B
Adjuster - Emergency - ANSWERSAdjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies that produce an overwhelming number of claims in a short period of time. 2-B
Adjuster - Independent - ANSWERSSelf-employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis for each claim. Also called: Fee Adjuster, Bureau Adjuster 2-B
Adjuster - Public - ANSWERSAn adjuster who is hired to represent the claimant and help determine a fair indemnification. Usually specializes in appraisals and negotiation. Paid commission, usually a percentage of final settlement. 2-B Adjuster - Staff - ANSWERSSalaried employee of one insurance company who can work locally, regionally, or nationally. Also called: Company Adjuster 2-B
Advance Payment Settlement - ANSWERSA settlement option that lets the insurer offer
some financial relief to the claimant before the claim has been fully settled. The insurer makes advance payments to the claimant, which are then subtracted from the final settlement amount. Often used when a claimant suffers bodily injury and is unable to work.2-D
Agency Authority - ANSWERSThe Agent's authority to act on behalf of someone else, usually an insurer. This authority is derived from the agent's contract with the insurer. 2-
A
Agency Authority - express - ANSWERSAuthority that is expressly given to the agent in writing. Allows agent to act on behalf of the principal. 2-A
Agency Authority - implied - ANSWERSAuthority that an agent possesses by implication
of her behavior, regardless of whether this authority is granted in writing. 2-A
Agency Authority - apparent - ANSWERSAuthority that an agent possesses based on the appearance of representing the insurer. 2-A
Agent - ANSWERSSomeone who has received authority from an insurer to sell or service insurance policies. 2-A
Aggregate Limit - ANSWERSA type of policy limit found in some health, liability, and property damage policies. It represents the total amount the insurer will pay for all losses (as opposed to an occurrence limit, which denotes the total amount the insurer will pay per occurrence). 1-K
Agreement - ANSWERSOne of the four requirements of a legally binding contract. All parties involved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract. 1-A
Agricultural Producer - ANSWERSA business that grows, harvests, and sells crops for profit. 3-E
Aleatory - ANSWERSA characteristic of an insurance contract. Means "depending on an unknown future event." An insurance contract will only pay IF and WHEN covered damages occur. Neither party knows how much the contract will end up paying when they enter into the contract. 1-B
Answer - ANSWERSIn liability cases, the defendant's response to a complaint. There are three possible answers: 1) accept complaint and pay for damages, 2) deny the complaint, or 3) accept the complaint with a right to insert evidence into the case. 1-L Annual Depreciation - ANSWERSAn item's Replacement cost divided by the number of years in its expected lifespan. 1-J
Appraisal - ANSWERSA negotiation method which allows the claimant and the insurer each to select an appraiser. The two appraisers in turn select an Umpire. The appraisers then work together to determine a settlement amount. If they cannot agree, the Umpire steps in. Agreement by any two of the three is binding. 2-D
Arbitration - ANSWERSA negotiation method in which the opposing parties each submit
their evidence to a mutually-agreed-upon and neutral third party, called an arbitrator. The arbitrator reviews the positions of each opposing side, and makes a final and legally binding decision.
Arbitrator - ANSWERSThe mutually-agreed-upon and neutral third party in an arbitration
who reviews the positions of each opposing side, and makes a final and legally binding decision. 2-D
Artificially Generated Current - ANSWERSAlso called "artificial current." A peril covered in some property insurance policies. It includes sudden and accidental damage from any electrical current, except currents that are naturally generated, such as lightning or static electricity.3-A
Auto Policy - ANSWERSInsurance policy designed to protect the policyholder while owning, occupying, or operating a vehicle. Usually combines liability coverage and property coverage into one policy. 3-C
Automobile In Insurance policies - ANSWERSAutomobile generally means any vehicle designed for use on public roads. 3-C
Automobile No-Fault Laws - ANSWERSLaws in effect in some states that require any owner of a vehicle to purchase no-fault insurance; that is,insurance that indemnifies the insured regardless of who was at fault in an accident. No-fault laws also restrict the insured's right to sue the at-fault party.3-C
Aviation - ANSWERSAviation insurance combines hull insurance for the aircraft and liability insurance for any damage toothers' property or to people who are not passengers. 5-F
Bailee - ANSWERSAn individual or company that receives the property of someone else for a special purpose, and returns the product after use. 5-E
BAP - ANSWERSThe Business Auto Policy provides property damage and liability insurance for automobiles used by a business. 4-F
Binder - ANSWERSA temporary contract provided by an insurer that ensures coverage until the complete, permanent policy is issued. 1-F
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